Femi Otedola is a Nigerian businessman, billionaire and philanthropist who was born on 4th November, 1962 in Ibadan, the largest city in western African and the capital of Oyo State, Nigeria. He was born into the family of the late Sir Michael Otedola, a one time Governor of Lagos State between 1992 and 1993. Prior to his entrepreneurial adventure, after he had obtained a degree from Obafemi Awolowo University, Ile Ife between 1980 and 1985, he took care of the marketing for his family printing press in the late 1980s.
Marriage And Family
Otedola is married to Nana Otedola and they are blessed with three daughters which are Christine Oluwnmi, Florence Ifeoluwa and Elizabeth Temi as well as a son named Fewa. Each of the children are doing great in their respective endeavors.
Zenon Petroleum And Gas Limited
In 2003, Otedola spotted the opportunity in the fuel retail market and then secured the finance to take advantage of it. This led to the creation of Zenon Petroleum and Gas Ltd. This is firm that focuses on the marketing and distribution of petroleum products.
Later in 2004, Otedola invested N15 billion in the downstream infrastructure development. He also acquired storage depots at Ibafon, Apapa and four cargo ships are name after his Father, Mother as well as wife. This storage acquisition increased his storage capacity to 147,000 metric tonnes. In the same year he bought of 100 pieces of DAF fuel-tanker trucks which cost N1.4 billion. By 2005, Zenon had become a major player in the Nigerian diesel market with fuel supply to significant companies like MTN, Coca Cola, Cadbury, Nigerian Breweries, Guinness,
Unilever, Dangote Group, and Nestle. The company keeps growing even till now.
In 2007, he was appointed as the chairman and chief executive officer of Africa Petroleum via the acquisition of a lion share in the business. It layer became Forte oil. Otedola also founded CentreForce Ltd, which specialises in trading, finance as well as investments. He also owns Swift Insurance. He has been and still the director of several businesses.
Femi Otedola’s Net Worth
Femi Otedola is valued to be worth $2.3 billion according to forbes March, 2017 ranking. Otedola is believed to have houses all over Nigeria and abroad in specific locations which include USA, France and Monaco. His mansion in Ikoyi is said to be worth millions of dollars. It is built to classic specifications. His furnitures were sent from EU nations while his personal desks came from Italy. The interiors were done to reflect his wealthy personality like that of kings. Although, he has a fleet of cars but he is observed to love Mercedes and Rolls Royce. He has a fleet of Mercedes cars as well as custom made rolls royce which cost several millions of dollars. Two most used of his cars are Mercedes-Benz G-Wagen and Rolls-Royce Phantom. He also owns a private jet which cost about $60 million as well as a twelve million pounds yatch named after his wife. Femi Otedola is said to own so much that may not be open to the public.